Tag: Inflation
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Inflation drops to 9.8%; lowest rate since outbreak of COVID-19
Ghana has for the first time since the outbreak of the novel Coronavirus pandemic in the country recorded a drop in inflation below 10%. The year-on-year inflation rate for November which is 9.8% percent, is lower than the revised inflation target of about 11 percent announced in the 2020 mid-year budget statement. The figure also…
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Inflation drops to 10.5%; lowest rate since April 2020
Ghana has recorded its lowest National year-on-year inflation rate since the country recorded its first Coronavirus case in March. The inflation rate for August which is 10.5 percent represents a 0.9 percentage point drop from the 11.4 percent recorded in July this year. The significant reduction was influenced by the lower inflation levels of food…
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Inflation for July increases to 11.4%
Data released by the Ghana Statistical Service, GSS, indicate that, the Consumer Price Index (CPI) for July 2020 has increased to 11.4 percent. The increase represents a 0.2 percentage point relative to the 11.2 percent recorded in June 2020. The Consumer Price Index measures the change over time in the general price level of goods…
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South Africa inflation drops below target first time in 15 years
South Africa’s inflation rate dropped below the central bank’s target range for the first time in 15 year in May due to lower fuel prices Consumer prices rose 2.1% from a year earlier compared with 3% in April, the Pretoria-based Statistics South Africa said Wednesday in a statement on its website. That’s the lowest since…
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Reduced imports push inflation for locally produced goods to 14.1%
Inflation for locally produced goods recorded the highest figure of 14.1% since the rebasing of the calculation for Ghana’s inflation in August last year. This means that prices of locally made goods recorded an increase of 14.5% in May this year compared to the same period last year. According to the Government Statistician, Prof. Samuel…
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Inflation rises to 11.3% in May 2020 as food prices continue to go up
The continuous rise in prices of food items pushed Ghana’s inflation up to 11.3% in May 2020. This means that between May 2019 and the same period in 2020, the prices of items have increased by 11.3%. This figure is also 1.7 percentage points higher compared to the 10.6% inflation recorded in April 2020. The…
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Producer Price Inflation for April increased slightly to 7.4% – GSS
New figures released by the Ghana Statistical Service, GSS, indicate that the Producer Price Inflation (PPI) for April 2020 increased to 7.4 percent. This indicates a 0.6% point higher than the rate recorded in March 2020 which stood at 6.8%. The Producer Price Index measures the average change over time in the prices received by…
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Jerry Afolabi writes: The COVID-19 effect and Ghana’s economic outlook for 2020
Ghana’s economic outlook is not healthy according to the key economic indicators. The most critical indicators are interest rate, inflation, exchange rate and debt accumulation as a percentage of gross domestic product (GDP) which measures the nation’s production output. The GDP growth rate is expected to fall below the 5% and 6% ideal range for…
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Producer price inflation increases to 6.8% for March
The Producer Price Inflation (PPI) for March 2020 has increased to 6.8 percent, new data released by the Ghana Statistical Service (GSS) has indicated. This rate represents a 3.7 percentage point decrease in producer inflation relative to the rate recorded in February 2020 which was 10.5 percent. This rate also indicates that between March 2019…
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BoG cuts policy rate to 14.5% as it weighs economic impact of COVID-19
The Monetary Policy Committee (MPC) of the Bank of Ghana has reduced the policy rate to 14.5%. This is a 150 basis points reduction in the rate which had been kept unchanged at 16 percent for at least five consecutive times. The policy rate determines the rate at which the central bank lends to commercial…